Are you planning on getting a house insurance for your brand new home?
While some would think that it is a waste of time and investment, we believe that insuring your home is probably the best way to prepare for the unthinkable in the future. People say that prevention is better than cure, and contracting a house insurance accomplishes with the meaning of this premise. The best thing a property owner should do is not to underestimate this kind of service, it can bring a lot of benefits to you. Haven’t you thought about them before?
Now, once you go ahead contacting with one of those home insurance agents, there are a few things that you need to consider before contracting one of the many options provided for our sake.
1. House insurance is a requirement for housing loans: Remember that if you’re getting your own house through PAG-IBIG or a banking loan, you will need to get a house insurance. It is a must. In most lending institutions, the lender will ask you for proof that your house is adequately insured. If your house is not insured, then the lender will not lend you the money.
The same can be said here in the Philippines, where the “lender” is either a bank or PAG-IBIG. These institutions want to make sure that their financial investments are protected. Most of the time, the banking entities will give you a required set of time for you to get a house insurance. If you fail to enroll in one within the given time, they will either cancel the deal or purchase the insurance for you, with the expense added as premium for your monthly payment.
2. It means a great investment: Getting your own house is no joke. Imagine the times where you had to work very hard just to save enough money to buy a house. Unlike other goods, the value of a house does not depreciate at all. In fact, the value of your home increases over time as long as it is maintained properly. Therefore, it only makes sense to get insurance for your home.
3. Think about what you have in your house: If you want to get a reliable estimate of the objects and furniture that you have at home, you should make an inventory. You must pay attention to everything that you have in all the rooms in order to create that list, something that will be very helpful when you wish to calculate the real value of the property.
4. Decide on how much coverage your house needs: The best thing about having a house insurance with better coverage is that you won’t have to worry about over-spending when the time does come for you to have your house repaired, because of a natural or man-made calamity. Of course, the small disadvantage with an insurance with bigger coverage is that it’s pricier compared to an insurance package with a modest coverage. Therefore, keep in mind how much coverage your house needs. Take the time to learn about the specifics of your house insurance before you sign on the dotted line.
5. Look Around for Better Options: If a house insurance agent comes with a recommendation from a friend, then it’s basically up to you. It would be better though to have a look around for other options because you might miss out on an insurance company that has better coverage but at a lower cost. Do your research both online and offline.
6. Take the Time to Read the Insurance Policy: Just like any insurance policy, actually reading and understanding the entire document is a must. That way, if you have any questions or if there are statements in the policy that needs clarification, then the agent can properly address it to you before you sign on the dotted line. And don’t be pressured by the insurance agent on skipping the reading and understanding part.
7. Know Where to Look: Today, you have the advantages of modern technology in order to broaden your research on an insurance company. Check their website and look at their testimonials page so you can determine whether they’re a company that is worth your time and money.
Now that you know the importance of getting a home insurance, here’s an insight on what the insurance companies in the Philippines can provide you:
- Buying your home insurance is easy: The first thing that you have to do is to choose a legitimate home insurance company. You can go to the Insurance Commission’s website to see a list of legitimate insurers. There are also local banks that offer credible home insurances in a cheaper price.
- The Philippines is a hot spot for calamities: We have experience various disastrous instances like typhoons, tsunami, and earthquake. That’s why some insurance policies include extended coverage like damages due to typhoons, earthquake, eruptions, flood, tidal waves and so on. Meanwhile, the most basic coverage involves loss and damage due to fire and lightning.
- Getting home insurance in this country is not expensive: Here in the Philippines, getting home insurance for a one million peso property can only cost you P 2,000. It will only get more expensive if your coverage gets wider.
- Another important note: there’s a difference between getting insurance for a house and for a condominium. A condominium’s insurance only include the interior of your unit. Everything that happened inside your unit should be under the coverage of your insurance.
So if you care about your house and you want to make sure that your investment is protected, then the answer is quite obvious. You should definitely get a house insurance!
Source Photo: http://www.persquare.com.ph/for-sale/condominium-ncr-metro-manila-makati/amorsolo-square-apartment-for-sale-2-bedroom-184sqm-csd20791-cc_17406 – Lemon Tree Real Estate, Inc.
